In May 2023, the trade balance experienced its largest monthly surplus since 1989 as a result of the soybean crop, and the exports of oil, and iron ore. The Ministry of Development, Industry, Commerce, and Services (MDIC) said that Brazil’s exports surpassed imports by USD 11.378 billion. This is more than twice as much as the month of May in the previous year’s positive balance (USD 4.958 billion). Last month, exports totaled USD 33.067 billion. Based on the daily average, the increase since May of last year is 11.6%. The balance was also improved by the drop in imports. In May, Brazil’s imports decreased by 12.1% to USD 21.689 billion.
Source: Jornal Cana (*Translated by Ia Niani)